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Year Ended Year Ended |
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30 September 2002 30 September 2001 |
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|
|
Turnover £52.4m £50.4m |
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Total turnover incl share of Associates £57.5m £57.5m |
|
(Associate share) £5.1m £7.1m |
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|
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Gross margin 41% 44% |
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(Margin erosion primarily due to
underperformance of |
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Intermedia and Technology events, Balkans
business |
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and absence of biennial Moscow Oil & Gas
event) |
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|
|
Headline profit before non-recurring
charges £10.8m £13.5m |
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|
|
Non-recurring charges (£ 2.9m) (£ 0.5m) |
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|
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Operating expenses £12.0m £11.1m |
|
(includes foreign exchange losses of £1m
primarily |
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related to weakening of USD$) |
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|
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Increase: Staff costs £ 1.6m |
|
Exchange loss £ 0.4m |
|
Professional fees £ 0.2m |
|
Other £(0.5m) |
|
Management fees £(0.8m) |
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£0.9m |
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|
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Contribution from Associates: £356k £522k |
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(decrease largely due to rescheduling of key
Turkish |
|
events and deterioration in ACG Egyptian
performance) |
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Impairment £6.2m £39.1m |
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30 September 2002 30
September 2001 |
|
Audited Audited |
|
£000 £000 |
|
FIXED ASSETS |
|
Goodwill 30,826 36,011 |
|
Tangible Assets 2,041 1,994 |
|
Associates & Investments 3,104 4,782 |
|
35,971 42,787 |
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|
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CURRENT ASSETS |
|
Debtors - due within 1 year 18,225 15,366 |
|
- due after 1 year
4,148 3,427 |
|
Cash
17,693 16,255 |
|
|
|
40,066 35,048 |
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|
|
CREDITORS |
|
Deferred Revenue &
Creditors (33,527) (30,285) |
|
Deferred Consideration & Provisions
(3,362) (6,802) |
|
Proposed Dividend (2,778) - |
|
_______ _______ |
|
(39,667) (37,087) |
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|
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NET ASSETS 36,370 40,748 |
|
_______ _______ |
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Year ended Year ended |
|
30 September 2002 30 September 2001 |
|
£000 £000 |
|
|
|
Net cash inflow from
operations 10,393 13,303 |
|
Interest received (net)
1,080 789 |
|
Taxation (2,300)
(3,665) |
|
Capital expenditure (643) (722) |
|
Acquisition deferred consideration
(3,633) (5,286) |
|
Moda UK - (1,775) |
|
ITE shares - (1,881) |
|
MEC (185) - XRM (720) - |
|
Disposal Agentura Triumf 377 - |
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Disposal of Rantai (468) - |
|
Other Investments (130) (203) |
|
Loan Kyiv (865) - |
|
Dividends paid (1,623) (1,624) |
|
1,283 (11,064) |
|
Issue of ordinary shares 155 39,093 |
|
Repayment of debt _ - (14,496) |
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Increase in cash in year 1,438 13,533 |
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Year ended Year
ended |
|
30 September 2002 30 September 2001 |
|
Audited Audited |
|
£000 £000 |
|
|
|
TURNOVER 52,431
50,350 |
|
Cost of Sales (31,012) (28,088) |
|
GROSS PROFIT 21,419
22,262 |
|
|
|
Other operating expenses
(net) (12,012) (11,092) |
|
Interest receivable (net)
729 1,045 |
|
Share of associates operating
profit 356 522 |
|
Other Income
_ 270 722 |
|
|
|
HEADLINE PROFIT BEFORE TAX & NON RECURRING
CHARGES 10,762 13,459 |
|
|
|
Non recurring charges
(2,882) (447) |
|
_______ _______ |
|
HEADLINE PROFIT BEFORE TAX 7,880 13,012 |
|
|
|
Amortisation of goodwill (2,065) (3,840) |
|
Impairment of Goodwill &
Investments (6,220) (39,012) |
|
|
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LOSS BEFORE TAX (405) (29,930) |
|
_______ _______ |
|
|
|
Taxation (2,350) (4,113) |
|
Minority Interests 152 1,295 |
|
_______ _______ |
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LOSS FOR THE PERIOD (2,603) (32,748) |
|
_______ _______ |
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Earnings per share |
|
Headline diluted 2.2p 3.7p |
|
Basic & Diluted (1.0p) (13.2p) |
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